More than half of the company’s real estate listings faced competition in July for the third month in a row, listing portal and broker Redfin said in a statement.

Fifty-four percent of Redfin offers nationwide encountered bidding wars last month, down slightly from June’s revised rate of 56 percent.

In Boston 61 percent of Redfin listings had a bidding war in July, down from 74 percent in June.

As the coronavirus pandemic sent shockwaves through the U.S. economy, the bidding-war rate remained steady as homebuyers contend with competition driven by a dearth of homes for sale and record-low mortgage rates. Last month, the average rate on 30-year fixed mortgages dropped below 3 percent for the first time in recorded history. 

The future of multiple-bid sales depends largely on what happens with the pandemic, Redfin Chief Economist Daryl Fairweather said in a statement.

“Bidding wars may slow down if interest rates tick up again, which could happen if we get good news about a coronavirus vaccine or more clarity around the outcome of the upcoming U.S. presidential election,” he said.

Or, the market could be “in the early innings of the pandemic migration wave.”

“If coronavirus cases continue to climb, more employers will likely make flexible remote work policies standard procedure, which will drive further migration out of large, expensive cities,” Fairweather said. “As a result, we may see bidding wars gain more traction in suburban areas and small towns.”

Single-family homes were most likely to encounter bidding wars in July, with 56 percent of Redfin listings facing competition, followed by townhouses, at 54 percent. Just 42 percent of offers for condominiums experienced bidding wars, the company said.